Your 1031 DST Authority
Secure Net Lease Industrial I DST
Offering Overview
Secure Net Lease Industrial I DST is a $42.375 million Delaware statutory trust investment in the Amazon Last Mile Distribution Center, a 123,903-square-foot Class A distribution and warehouse facility at 3799 Northwest Passage in Tallahassee, Florida. The property was completed in 2023, is 100% leased to Amazon.com Services, LLC / an Amazon subsidiary, and is financed with $20.445 million of KeyBank debt.
Investment Highlights
- Newly built Class A last-mile distribution facility completed in 2023.
- Approximately 123,903 SF on approximately 47.82 acres with 12 loading docks and a trucking terminal.
- 100% leased to an Amazon subsidiary with an Amazon payment guarantee described in the materials.
- Amazon lease includes 2.50% annual rent increases and approximately 13 years remaining at brochure date.
- Tallahassee location near Interstate 10, Florida State University, and the Florida capital region.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
The principal sensitivities are Amazon lease/credit performance, operating and capital costs borne by the Trust, interest-only debt maturity, lease extension assumptions, and the projected year-9 sale.
Pros
Investment-grade tenant profile, long-term net lease, new construction, fixed-rate interest-only debt, and 6–9 year projected hold.
Cons
Single-tenant and single-asset exposure, tenant/master-tenant dependence, industrial operating risk, capital-expenditure obligations, illiquidity, and loan-maturity risk.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 5.44% | 0.00% | — |
| Max Yield | 6.32% | 5.81% | +8.78% |
| 10-Yr Income Growth | 33.05% | 16.62% | +98.86% |
Benchmark reflects the average of comparable Industrial offerings. Differences are relative to the benchmark.
Offering Documents
About the Sponsor
Secure Properties LLC is a boutique real estate investment firm focused on mission-critical triple-net real estate. Since 2020, it has sponsored 100 privately offered real estate programs, raised more than $850M, and owned or managed more than $1.5B across 425+ properties. Its platform uses DST, SPE, JV, TIC, private-financing, sale-leaseback, and other structures, with the supplied prior-performance table reporting 25 full-cycle programs, 1.51x average MOIC, and 58.3% average IRR.
This page describes a specific Delaware Statutory Trust offering (Secure Net Lease Industrial I DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.